Login ID:
Partner Login
Contact Us : 7066511911

Spot Refined Soy Oil Steady/Down On Weak Sentiment

6 Jan 2017 3:04 pm
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

MUMBAI (Commoditiescontrol) – Refined soy oil traded steady to down in most of the spot markets of the country on Friday.

U.S soy oil futures dropped 0.51 percent during Asian hours, which has weighed on domestic market sentiments. Further crude palm oil benchmark month on Bursa Malaysia Derivatives edged lower by 0.8 percent in late Asian trade prompted buyers to stay sideline.

A trader from Indore said, demand for refined soy oil has reduced from stockist following volatility in futures market.

Market participants were silent as weather condition and crop status is not clear from Argentina.

Other hand end consumers demand is hand-to-mouth as they have stocked in sufficient quantity for their near term demand.

According to trader, apart from volality in futures market, soy oil prices were also pressured by narrowing price gap with other veg oil in the complex, due to which demand is equally divided.

Currently price gap between soy and sunflower oil is $27 per tonnes in FOB terms as on January 6 against $57 on December 1.

While price gap with rival palm oil has also narrowed to $57. Generally price gap should be around $80-90 per tonne as palm demand shifts to soy during winter.

According to trader, only factor supporting to soy oil is low stocks at various ports of the country which totalled 1.30 lakh tonnes as on 26-December against 1.63 lakh tonnes during same period last year.

Refined soy oil most active January contract on NCDEX was lower 0.38 percent or Rs 2.8 at Rs 725.6/10kg against previous close of Rs 728.4 while forward February contract was down 0.29 percent at Rs 715.2 against Rs 717.3 on previous session.

Following are soy oil prices (Rs/10kg) in various markets of India at 1:30 pm(IST).

Soy oil 6-Jan-17 5-Jan-17 Change
Mumbai 715 715 -
Indore 738 737 1
*Akola 755 757 -2
*Alwar 750 750 -
*Amravati 756 758 -2
*Bharatpur 750 750 -
*Kota 745 745 -
*Bundi 745 745 -
Kolkata 728 725 3
*Jalna 760 765 -5
Kandla 725 725 -
*Dhulia 756 757 -1
*Latur 747 747 -
*Nagpur 760 762 -2
*Nanded 747 747 -
Rajkot 725 725 -
*Solapur 747 747 -

(By Commoditiescontrol Bureau; +91-22-40015516)

  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  

Top | Post Comment  

Latest Market Commentary
DJ ICE Canada Closed Monday for Victoria Day
DJ USDA Minnesota/North Dakota Daily Oilseed Prices - M...
DJ MGEX Grains Close - May 18
DJ CBOT Grains/Oilseeds Settlements - May 18
DJ CBOT Soyoil/Soymeal Close - May 18
Top 5 News
Imported Pulses Close Flat At Mumbai On Limited Activit...
Tur, Masoor Down At Delhi On Subdued Demand
DJ Health Care Roundup: Market Talk
India Daily Cotton Arrivals At 0.45 Lakh Bales On May 1...
Burma Urad Flat At Chennai
Top 5 Special Reports
Weekly Review: Low Level Buying May Support Coriander P...
Weekly Review: Improvement Likely In Jeera Prices
Weekly Review: Low Arrival May Keep Red Chilli Prices B...
Weekly: Tur/Chana Down In Pulses Complex This Week
Weekly Review: Recovery Likely In Turmeric On Low Level...
Copyright © CC Commodity Info Services LLP. All rights reserved.